AGP Executive Report

Regulatory Crackdown in Cameroon: At SAGO 2026, Cameroon’s mining minister said illegal activity is distorting gold exports and revenue, launching a “war on illegality” that has already dragged 110+ unauthorized mining firms to court, with more cases coming. Venezuela Mining Security: Venezuela’s government says it’s reorganizing and boosting attention to mining villages in Bolívar, including plans for a Miner Services Office and a focus on production, responsible mining, and security. FEMA Probe on Vedanta: India’s ED has reportedly searched Vedanta premises over alleged Foreign Exchange Management Act violations tied to “brand fee” payments, with the company saying it’s cooperating. Coal Auction Watch (Philippines): The DOE is holding final consultations on the Semirara coal mine bid, aiming to simplify terms and tighten technical qualification before submissions. Forest vs Mining Permits (Palawan): A Palawan bishop questioned permits allowing cutting/earth-balling of 218,854 trees for mining projects, calling for full disclosure and stronger forest protections. Bitcoin Mining Pressure Eases: Bitcoin mining difficulty fell about 10% after weaker miners shut down, giving remaining operators easier block-finding conditions. Corporate Restructuring (Vedanta): Vedanta’s demerger is set to start trading June 15 with four new sector-focused companies. Labor Impact (Petra Diamonds): South Africa’s NUM condemned Petra Diamonds’ business rescue and retrenchment steps, warning nearly 1,800 jobs are at risk. Energy Transition Tension (Oman): Oman’s IGC says gas demand growth is structurally rising and allocation decisions will get more complex as industrial and petrochemical demand expands. Environmental Tech (UK): Lanchester Wines says it’s the first UK private investor to draw heat from abandoned coal mines, expanding mine-water heat use for large-scale operations.

Ghana Mining Permits Reform: Ghana has ruled out automatic extension of Gold Fields’ Tarkwa lease, signaling tighter technical and ministerial scrutiny ahead of 2027 renewals. Brazil Copper-Gold Expansion: Ero Copper and Vale Base Metals expanded the Furnas Copper-Gold Project with a 24,000m drilling update and a PEA pointing to a $2.0bn post-tax NPV and 27% IRR, with earn-in now expected by end-2026. India Coal Approvals: India’s MoEFCC granted environmental clearance to Prakash Industries’ Bhaskarpara Coal Mine to lift output to 1.2 MTPA. Rare-Earth Push in Greenland: Japan plans to send specialists to Greenland this summer to assess rare-earth and critical-mineral mining potential. Nevada Gold Resource: Great Northern Minerals released a maiden JORC resource for Iron Butte, confirming 480,000 oz gold and 11.5m oz silver with heap-leach potential. Zimbabwe Dividends: Mutapa Investment Fund received a US$22.5m dividend from its gold unit, alongside strong profit and cash generation. Mining Safety in Jharkhand: Four youths died after inhaling toxic gas in an abandoned illegal coal mine in Ramgarh, reigniting concerns over unauthorized excavation. Vedanta Demerger Listings: Vedanta’s four demerged entities—Oil & Gas, Power, Aluminium and Iron & Steel—are set to debut on June 15.

Coal Mine Safety: Four youths died after inhaling toxic gas in an abandoned coal mine in Jharkhand’s Ramgarh, with officials citing oxygen deficiency and renewed scrutiny on illegal excavation. Environmental Clearance: India’s Prakash Industries received Environmental Clearance to lift output at its Bhaskarpara Coal Mine from 1.0 MTPA to 1.2 MTPA. Autonomous Electrification: Mining electrification and autonomous haulage are being positioned as a 2026 cost lever, with claims of up to 50% lower lifetime haulage costs as mines shift from diesel to battery-electric fleets. Critical Minerals Push: Japan plans to study rare-earth mining in Greenland this summer, while Greenland exploration is framed as a way to reduce reliance on China. Copper Demand Shock: A new copper outlook links AI-ready data centers to a “red metal bottleneck,” raising expectations of a deficit and intensifying procurement pressure. Gold & Policy Tension (Ghana): Ghana’s community mining research highlights how to transition from galamsey to regulated community gold mining, while separate debate over Gold Fields’ lease renewal underscores the policy fight over local control. Zimbabwe State Returns: Mutapa Investment Fund is forecasting dividend windfalls as gold, lithium, platinum and chrome operations ramp up. Renewables at Mines: Bellevue Gold hit a milestone by running its mine on 100% renewable power for 155 consecutive hours, combining solar, wind and battery storage.

Nasdaq-100 Momentum for AI Mining Tech: CoreWeave, born from GPU crypto mining, is set to join the Nasdaq-100 on June 22, 15 months after its IPO, even as it reports $2.1B Q1 revenue but carries nearly $25B debt. Nickel Policy Shock in Indonesia: Chinese investors are protesting Indonesia’s nickel rule changes, citing higher costs, reduced quotas, and tougher enforcement that threaten downstream plans. Madagascar Nickel Restart: Ambatovy has resumed nickel and cobalt production after Cyclone Gezani, bringing its sulfuric acid plant and HPAL circuits back online with stable run-rate goals by end-June. Mining Permits Move to Build Stage: GoGold Resources has authorized construction for Los Ricos South after receiving final SEMARNAT permits, targeting first pour mid-2028 on a $227M capex. Gold Project Progress in Zimbabwe: Caledonia Mining says Motapa drilling delivered high-grade results and is working toward a maiden resource estimate later this year. Environmental Cleanup Pressure in South Africa: A report warns all 412 closed coal mines from 2006-2023 fell short on rehabilitation funding, leaving communities exposed to long-term pollution. Venezuela Crackdown on Illegal Gold: A major military operation in Bolívar’s Orinoco Mining Arc has displaced criminal networks tied to gold extraction, leaving “ghost towns” in its wake. Chile Sinkhole Linked to Copper Mine: Investigators say a 650-foot sinkhole near Lundin Mining’s Alcaparrosa site was caused by a subsurface void from mining activity, with water detected below. US Critical Minerals Stake Signaling: A report says the US government is taking direct stakes in mining firms to back domestic critical-minerals supply chains. Tech Meets Extraction: Epiroc and Ericsson are partnering to scale LTE/5G connectivity for mining operations, aiming at safer, more efficient production.

Sri Lanka Mineral Reform: Sri Lanka rolled out a new National Mineral Policy to curb corruption and opaque licensing, pushing a more transparent, investor-friendly system and encouraging local value-added processing instead of exporting raw minerals. Venezuela Crackdown on Illegal Gold: Venezuela’s armed forces launched a major operation in Bolívar state’s Orinoco Mining Arc, targeting illegal gold enclaves around Las Claritas and Km 88 with helicopters, drones and special forces. Bulgaria Energy Restructuring Fight: Mining trade unions Podkrepa and CITUB condemned plans to separate Maritsa Iztok Mines and TPP Maritsa Iztok 2 from BEH, calling the move unlawful and threatening legal action. Canada Mining Support Push: Epiroc is expanding in Thunder Bay with a new facility for warehouse and rock drill repair services to serve northwestern Ontario’s growing gold mining activity. Zimbabwe River Rehab for Gold: Zimbabwe gazetted a river rehabilitation framework that lets contractors recover gold found during restoration, with royalties and reporting requirements. Ghana Illegal Mining Court Moves: In Ghana’s Samreboi case, counsel for Wontumi sought to withdraw representation, while prosecutors filed objections ahead of a July 3 judgment. Market Pulse: Gold and silver prices jumped on June 12, with gold up 4.03% and silver up 8.10%, reflecting renewed risk sentiment.

M&A Watch: Vale’s top shareholder Previ has asked for a vote on removing chair Daniel Andre Stieler, setting up a governance showdown at the world’s major iron-ore producer. Commodities & Markets: Copper and other metals climbed as supply pressure talk returned, while Australian shares hit a one-week high on easing US-Iran tensions that also lifted gold and mining stocks. Energy Security: Western Canada oil-sands output is being disrupted by wet weather and a power outage at Cenovus, tightening crude flows toward the US Midwest and Cushing. Mining Finance: Canada’s Atlas Salt raised C$15.1m for early works at its Great Atlantic Salt project in Newfoundland, targeting first production by 2030. Exploration & Development: Caledonia Mining reported high-grade gold results at Motapa in Zimbabwe that could extend the Bilboes complex; Altitude Minerals has started 2,300m of copper-gold drilling at Byrock in NSW. Critical Minerals: Avalon Advanced Materials opened new offices to push Lake Superior Lithium and rare-earth work, while Mongolia selected China’s NFC for a first copper smelter on Erdenet land. Sustainability & Social Risk: Valterra Platinum put sustainability at the center of its strategy, while Ecuador’s Indigenous community in the Amazon reports mercury-linked illegal mining and water shortages. Policy & Regulation: B.C. court cleared a magnesium mine from environmental assessment scrutiny, and Queensland mine-safety reps are set to meet in Rockhampton amid concerns over oversight independence.

Venezuela Sanctions Update: The U.S. Treasury revised seven general licenses covering oil, gas, petrochemicals and mining, including new rules for contract disputes and which courts can be used—an important signal for companies eyeing Venezuelan projects. Canada Labour Pressure: A Senate report urges Ottawa to adopt binding arbitration and overhaul strike/lockout rules for rail and marine sectors to protect supply chains and trade reliability. Alberta Enforcement: Imperial Oil was fined $120,000 after pleading guilty over a 2023 wastewater spill at the Kearl oilsands site, with most of the penalty earmarked for an AER-administered public-lands/eco project. Mozambique Conflict & Mining: Reporting links Cabo Delgado’s ruby boom and illegal mining to armed recruitment and escalating violence around natural resources. Gold Growth in Ontario: West Red Lake Gold added ounces at its Rowan satellite project near Madsen, boosting indicated resources and feeding into a planned pre-feasibility study. Namibia Copper Financing: Bezant secured completed financing and offtake deals for the Hope and Gorob copper-gold project, targeting first production in Q3 2026. Zambia Processing Restart: Chinese-owned U-Metals resumed operations in Chingola after an earlier shutdown tied to environmental breaches and tailings concerns. South Africa Output Lift: Stats SA says mining production rose 8.2% y/y in April, led by platinum group metals, though several commodities fell. Ghana Value-Add Push: Ghana plans to ban exports of unrefined gold by 2030 and build an ISO-certified assay/refining lab to raise returns from domestic gold. Project Drilling Begins (BC): Inomin Mines started a ~$2.3m drill program at the Beaver-Lynx polymetallic project near Williams Lake, targeting nickel-focused zones. Gold Recovery Milestone (Greenland): Amaroq commissioned a flotation recovery circuit at Nalunaq, aiming to lift gold recoveries and ramp 2026 production guidance.

M&A & Financing: Bezant Resources secured a US$7m package plus a long-term offtake for Namibia’s Hope and Gorob copper project, targeting first production in Q3 2026. Project Progress: Amaroq commissioned the flotation recovery circuit at Greenland’s Nalunaq gold mine, lifting expected recovery to ~90–95% and boosting output guidance. Gold Development: Aurum Resources’ Boundiali gold project in Côte d’Ivoire cleared a pre-feasibility study with a maiden probable reserve of 42.1Mt at 0.9 g/t for 1.21Moz, targeting first gold in H1 2028. Copper Growth Play: Norfolk Metals struck a US$55m Chile-focused copper deal for the Ciclón project, backed by a planned $120m capital raise. Industrial Action: BHP’s Pilbara port workforce in WA voted for strike action, with potential stoppages next week. Safety & Accountability: China launched investigations after a Liushenyu Coal Mine blast killed 82, with officials probed and nationwide inspections underway. Geopolitics & Commodities: Iron ore stayed steady despite Iran war jitters, while the South African rand firmed as markets watched Middle East tensions and upcoming mining data. Sustainability & Legacy Risks: South Africa faces rising sinkhole and earthquake fears from abandoned mines and acid mine water, as illegal zama-zama activity worsens ground instability.

Critical Minerals Funding: Ontario’s province backs 18 mining processing and value-added tech projects with $7.8M from its Critical Minerals Innovation Fund, including Vale Canada’s underground robotic arm concept and Rock Tech Lithium’s low-emissions lithium processing using pulp-and-paper byproducts. Leadership Move: Vacheresse Silver appoints mining finance veteran Christian Diesveld as President & CEO to lead its Northern Ontario exploration and summer drilling push, with added focus on First Nations partnerships. Legal/Consultation Clash: B.C. Supreme Court says the province failed to consult a First Nation before keeping Seabridge Gold’s $8B KSM gold project’s environmental approvals alive, a ruling that could reshape timelines for major projects. Tech for Productivity: Epiroc and Ericsson expand 5G connectivity for mining operations, aiming to lift productivity as the sector seeks digital gains. Supply Chain & Processing: Silex World reports progress on low-carbon processing for rare earths and critical materials to reduce energy-intensive bottlenecks. Project/Deal Watch: Frontier Lithium and Hanwha sign an MOU to explore lithium supply and possible financing/offtake around Frontier’s northwest Ontario plans. Safety & Community: BC court ruling on KSM consultation follows broader mining-community pressure; meanwhile EVR raises nearly $949k for BC Children’s Hospital through Mining for Miracles. Market/Operations: Central Asia Metals posts H1 production growth at Kounrad copper and Sasa zinc-lead, citing stronger received prices.

Gold & Silver Drilling Update (Australia): Impact Minerals says JV partner Kuniko has secured a rig for Phase 2 diamond drilling at the Commonwealth–Silica Hill gold-silver project in NSW, starting early July with six holes (~1,340m) to extend Silica Hill and Commonwealth Main Shaft/South. Zinc Resource Push (Zambia): Shuka Minerals reports a third drill hole at Kabwe Zinc Mine (No. 2 ore body) returning 29.58% zinc over 19m, and has started a fourth hole to test the extended orebody. Smelter Modernisation Funding (Australia): Australia will add A$105m to Nyrstar Australia’s South Australia and Tasmania smelter modernisation studies, on top of last year’s A$135m, as it targets critical minerals output. Mine Waste Recovery Pilot (Canada): Fulcrum Metals’ subsidiary signs a contract to run a standalone cyanide-free pilot plant in Ontario to process material from the Teck-Hughes project and assess additional mine waste. Critical Minerals Exploration (Canada): Critical Resources confirms 14 pegmatite targets at Mavis Lake lithium project after surface work at Corona, with assay results due in 3–4 weeks ahead of drilling. Policy & Community Pressure (Ghana): Ghana Chamber of Mines calls to eliminate the Growth and Sustainability Levy, arguing it should be phased out after a reduction to 1% in 2026. Environmental Opposition (India): Kaziranga Wildlife Society urges a full exemption of biodiversity-rich Dehing Patkai landscapes from mining and drilling after OIL exploration approval. Risk & Compliance (South Africa): Aon discusses how businesses are reassessing Sasria vs PTS cover amid ongoing political violence and unrest concerns. Insurance Fraud Warning (Global): Expert commentary highlights rising check fraud, including AI-assisted counterfeit payment scams, urging stronger controls. Coal Politics (Canada): Corb Lund’s anti-coal mining petition is set to be delivered to Elections Alberta after collecting the required signatures. Deep-Sea Mining Context (Global): Coverage reiterates the push to extract battery-metal nodules in the Clarion-Clipperton Zone and the environmental stakes.

Port & Logistics: AD Ports Group has started commercial trial operations at its Noatum Ports–Safaga Terminal (Safaga 2) in Egypt, a $200m, 30-year concession project with 17m draft depth and plans to scale from 450,000 TEUs to 2m TEUs annually, aimed at boosting Upper Egypt trade and mining-linked logistics. Mining Policy & Tax: Ghana’s Chamber of Mines is pushing to eliminate the Growth and Sustainability Levy, arguing it hurts investment; separately, Ghana’s Minerals and Mining Act overhaul and National Mining Policy have cleared Cabinet and head to Parliament with tougher enforcement, environmental protection, and community engagement. Coal & Community Impact: Scotland’s First Minister John Swinney pledged £1m to help Clackmannanshire Council support residents evacuated from Coalsnaughton after ground movement tied to disused coal mines. Project Moves in Metals: HCL restarted India’s Kendadih copper mines after 25 years and launched concentrator expansion to 0.9 MTPA; B.C. courts ruled the province failed to consult a First Nation over Seabridge’s KSM gold mine regulatory status. Deep-Sea Mining Scrutiny: Nauru and Tonga-backed sponsors filed UNCLOS claims against the International Seabed Authority over deep-sea exploration contract compliance, as U.S. deep-sea rules face criticism for weak oversight. Safety & Illegal Mining: A landslide at an illegal artisanal gold site in the Central African Republic killed at least eight miners; Zimbabwe’s CNRG urged Bikita Minerals to suspend operations after two worker deaths. Connectivity for Mining: Epiroc and Ericsson signed a deal to scale LTE/5G connectivity for mining automation, including underground and surface operations. Market Pulse: Silver slipped 3.93% to $65.42/oz on June 9, while copper sentiment got a boost from Jefferies’ higher 2030 forecast tied to data-center and power demand.

Rail Revival Push (Canada): Cape Breton business leaders are pressing to revive a dormant freight rail line, arguing broken tracks and truck-only logistics are hurting costs and slowing industrial recovery. Native Title & Heritage Reform (Australia): Western Australia released a targeted review of Native Title and Aboriginal cultural heritage processes, including a new heritage standard, clearer guidance, stronger heritage consultant rules, and $3.2m for implementation. Project Economics (Canada): Mont Royal Resources’ updated PEA for the Ashram rare earths and fluorspar project in Québec flags C$1.23bn capex, 30-year output of 17,466 t/y REO, and C$2.03bn after-tax NPV. Copper Mine Extension (Chile): Antofagasta plans $909m to extend the Zaldivar copper mine life to 2051, including a wastewater pumping system to cut reliance on continental water. US Listing Scrutiny (Zambia): Vedanta’s CopperTech Metals IPO faces going-concern concerns tied to Konkola Copper Mines’ losses and weak operating cash flow. Exploration Updates (Global): Horizon Gold reports high-grade RC hits at Gum Creek (WA) to support a feasibility study; Riversgold’s Saint John (Canada) gets reconfirmed elevated multimetal values from farm-in partner sampling; Viking Mines finds near-surface tungsten stockpile grades at Nevada’s Linka. Energy/Geopolitics (Congo): Ebola in eastern DR Congo is expected to persist, with travel restrictions likely to disrupt Congo mining deal flow and delay Uganda’s oil start.

Ghana Mining Reform Push: Ghana’s Lands Minister Emmanuel Armah-Kofi Buah launched a Responsible Cooperative Mining Scheme in Akyem Kotoku, aiming to curb illegal mining, protect forests and water, and roll out mercury-free processing via cooperatives. License Renewal Overhaul: He also signaled an end to “unlimited years” of mining concession renewals, targeting speculative land-holding that delays exploration. Policy Critique: Africa Policy Lens says the cooperative model is lagging, with only one site reportedly under development nationwide. Ghana Gold Output Surge: Ghana’s gold production rose 23.41% in 2025 to 5.94m ounces, driven mainly by small-scale miners. Peru Project Ownership: Silver X took full ownership of the Ccasahuasi gold project after buying Barrick’s 100% stake. Copper Development Watch: Uzbekistan’s copper sector projects got a high-level review, including expansion work tied to a major concentrator plant. Coal Politics in Canada: Alberta country singer Corb Lund says his Water Not Coal petition has enough signatures to force provincial action on eastern slopes coal mining. Uranium Restart Prep: Anfield Energy began dismantling work at its Shootaring Canyon mill ahead of a 2027 uranium restart.

Ghana Mining Policy: Ghana’s Lands and Natural Resources Minister Emmanuel Armah Kofi-Buah says reforms are speeding up licensing and permitting, strengthening environmental protection, and updating the Minerals and Mining Act and National Mining Policy for Parliament. Ghana Investment Push: Gold Fields pledges more than $1bn to extend the Tarkwa mine’s life, while the Ghana Investment Promotion Centre insists the country remains open to foreign mining even as lease-renewal debate heats up. Zambia Local Content: Zambia’s new 2025 local content rules (effective 1 Jan 2026) aim to lift Zambian procurement in mining from 20% to 40%, with pricing preferences for local bidders. South Africa Coal Cleanup Gap: A report says none of 412 closed coal mines (2006-2023) set aside enough rehabilitation funds, leaving taxpayers and communities exposed as the country moves away from coal. Australia Gold Disrupted: Bushfires and rain cut Australia’s Q1 gold output to 75 tonnes, with major sites hit by damage to water, power, and communications. Market Pressure on Miners: Rio Tinto and BHP shares fell as iron ore weakness and cautious sentiment weigh on mining stocks. Chile ESG Milestone: Codelco’s El Teniente secures dual Copper Mark and Molybdenum Mark certifications through 2029, signaling tighter third-party ESG scrutiny. Mining Finance/Deals: Omnia rewards shareholders with a special dividend after strong earnings, while Great Western Mining gets OTCQB trading approval in the US.

Cuba Sanctions Shock: Foreign firms are pulling out of Cuba as US pressure mounts, with Visa/Mastercard suspensions and hotel chain cutbacks tied to GAESA-linked entities. Ghana Mining Governance: Ghana’s Lands and Natural Resources minister says mining concession renewals will face tougher compliance checks on environmental, regulatory and community obligations. Illegal Aggregates Crackdown: India’s mining authorities sealed an expired stone crusher tied to the Rishikesh-Karnaprayag rail project and flagged about Rs 4.5 crore in dues; separate raids in Thane Creek seized barges and suction pumps worth over ₹4 crore for illegal sand mining. Coal Safety & Accountability: China launched investigations into emergency officials after a gas explosion killed 82 miners at Shanxi’s Liushenyu coal mine. Energy Transition & Metals: China reported a hydrogen-coal co-firing breakthrough aimed at cutting coal use and emissions; analysts also warn silver supply is tightening sharply, with Peru disruptions cited. Mining Risk Pricing: Ghana’s Chamber of Mines warns new tax and royalty settings could push effective burdens to 58%, threatening investment. Conflict Impacts: Russian strikes hit Ukraine’s DTEK coal operations twice, injuring a mechanic and damaging life-support infrastructure.

Energy Shock & Macro Fallout: A new analysis warns that Iran-linked oil disruptions could hit oil-poor South and East Asia hardest, worsening current account deficits and raising costs across mining, plastics, semiconductors and construction. Nuclear & Uranium Policy: Another piece argues nuclear support is inflating a “uranium bubble,” with new proposals in New Mexico raising fresh permitting and Indigenous land concerns. Copper Supply Risk: Copper slides on a stronger dollar, but separate market coverage flags a potential structural refined copper deficit in 2026, turning commodity exposure into a key portfolio risk. Silver Under Pressure: Peru’s power crisis is said to threaten about 15% of global silver output, with electricity costs soaring after a gas pipeline rupture. Major Exploration Win: Dundee Precious Metals reported a 713m gold-copper intercept at Brevene South in Bulgaria, near its Chelopech mine. Ghana Gold Shift: Ghana’s small-scale miners reportedly overtook large-scale operators for the first time in over a century, boosting 2025 output while policy debates over royalties heat up. Illegal Mining Crackdowns: Ghana and South Africa both reported arrests and enforcement actions targeting illicit precious-metal processing. ESG & Social License: Gold Fields signed a Cree Impact Benefit Agreement for its Windfall gold project in Quebec, aiming to lock in community buy-in ahead of a final investment decision.